REG-Gran Tierra Energy Inc. Announces Strategic Partnership with Ecopetrol for The Development of Fields in the Middle Magdalena Valley Adjacent to Gran Tierra’s Largest Producing Field

Gran Tierra EnergyAnnouncement

17/03/2026 21:45

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CALGARY, Alberta, March 17, 2026 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc.
(“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE)
is pleased to announce that it has signed a contract (collectively, “the
Contract”) whereby the Company is expected to earn, subject to regulatory
approvals and other conditions precedent, a 49 percent working interest
(“WI”) in the Tisquirama block located in the Middle Magdalena Valley
Basin of Colombia (“the Block”) which contains the Tisquirama and San
Roque fields (“the Fields”). Production is expressed in barrels of oil
equivalent (“boe”) per day (“boepd”).

“Gran Tierra views the Contract as a strategic opportunity to obtain
operatorship of assets, upon completion of the initial work program, and
subject to Executive Committee approval of the corresponding plans with
significant original oil in place (“OOIP”) that has historically seen
limited development or secondary recovery and currently has a relatively low
recovery factor. We believe this creates a compelling opportunity to apply
Gran Tierra’s proven operating model and waterflood expertise to enhance
recovery and extend field life. The Fields are adjacent to our Acordionero
field and share similar geological characteristics, in which we have
successfully implemented waterflood development to maximize recovery. By
leveraging the technical expertise and operational efficiencies demonstrated
at Acordionero, we believe there is a clear opportunity to waterflood the
assets and significantly improve the recovery factor. In addition, we see
potential to apply modern technologies, including potential application of
horizontal and multi-lateral drilling techniques utilized in our Canadian
operations, to increase reservoir contact and improve recovery. The proximity
of these assets to our existing operations would also create meaningful
synergies, including the ability to integrate water management across the
fields and to utilize natural gas to implement a gas to power project, thereby
lowering operating costs across the area. Operating these Fields alongside
Acordionero would allow Gran Tierra to manage the area as a single operating
hub, improving efficiency and maximizing long-term value for all stakeholders.
The transaction further strengthens the longstanding partnership between
Ecopetrol and Gran Tierra” said Gary Guidry, President and Chief Executive
Officer of Gran Tierra.

The Contract is subject to the satisfaction of certain conditions precedent
including regulatory approval by the Superintendence of Industry and Commerce
of Colombia (“SIC”). The satisfaction of such conditions precedent will
determine the Contract’s effective date.

Key Terms
* Phase 1 capital activity is expected to focus initially on waterflood
expansion from Gran Tierra’s operated Acordionero field into the adjoining
Fields before accelerating development through wellbore optimization and
low-risk infill drilling of the identified OOIP across the Block. Completion
of Phase 1 is achieved with a minimum of $15 million, and previous approval of
the Executive Committee, gross capital expenditures and implementation of
continuous water injection which is currently anticipated to be achieved in
the first quarter of 2027.
* Upon completion of Phase 1, Gran Tierra will receive 49 percent of existing
base production in addition to 49 percent of incremental production. The
Fields averaged 2,500 boepd on a gross basis in 2025. Upon completion of the
carry commitment, ongoing capital expenditures would be shared between the
parties, with Gran Tierra continuing as operator and applying its waterflood
expertise to further expand secondary recovery and accelerate development,
with anticipated potential production levels in excess of 13,000 boepd (gross)
if development proceeds as expected.
* Expenditure commitment for a $92.4 million carry capital by Gran Tierra of
approximately $47.1 million on a gross capital program over 40 months.
* In addition to development opportunities, there are near-field exploration
prospects in proven plays on the Block.
* The contract term extends until the economic limit of the Fields, providing
long-term development visibility and allowing Gran Tierra and Ecopetrol to
fully develop the Block’s resource potential.
Refer here
(https://www.globenewswire.com/Tracker?data=bHkH-mhPBjVWJkMScXwmKjZwbBc8E-7VZPEfWx-EKuI4ugZ2ljgCTzUKCwOlik0FfzDSA4H-GdF-rD_BqbWyEyzasuo8gFJcocf5jFFkMcQcPRz_Z9aVXpDKjSueVf2bJ45zlus3QLO4vKMhOXnuTfQjqUrHHnDHdY-lJJ56MWk=)
for a map of the Block.
* The reservoirs share similar geological characteristics to Gran Tierra’s
adjoining Acordionero field, where the Company has successfully applied
waterflood techniques to enhance recovery. Management will utilize a similar
development strategy as at Acordionero, with active waterflood development and
efficient low-cost infill drilling. There are greater than 60 unbooked
drilling locations across the Block and Gran Tierra and Ecopetrol will
evaluate the potential use of multi-leg horizontal drilling techniques to
increase reservoir contact and optimize capital efficiencies. 

* The development wells will be targeting the same formations and depths in
Acordionero which we are currently drilling and completing for less than $2.0
million. We have drilled over 100 wells in the Acordionero field.
* Proximity to Acordionero will provide operational synergies including
optimizing water management and injection across the Fields. Natural gas from
the blocks may support gas-to-power infrastructure, enabling self-generated
electricity and lowering operating costs across the area.
Contact Information

For investor and media inquiries please contact:

Gary Guidry, Chief Executive Officer

Ryan Ellson, Executive Vice President & Chief Financial Officer

+1-403-265-3221
info@grantierra.com 

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc., together with its subsidiaries, is an independent
international energy company currently focused on oil and natural gas
exploration and production in Canada, Colombia, Ecuador and Azerbaijan. The
Company is currently developing its existing portfolio of assets in Canada,
Colombia and Ecuador; however, we have recently entered into an exploration,
development and production sharing agreement with SOCAR and may eventually
expand our operations into Azerbaijan and will continue to pursue additional
new growth opportunities that would further strengthen the Company’s
portfolio. The Company’s common stock trades on the NYSE American, the
Toronto Stock Exchange and the London Stock Exchange under the ticker symbol
GTE. Additional information concerning Gran Tierra is available at
www.grantierra.com. Except to the extent expressly stated otherwise,
information on the Company’s website or accessible from our website or any
other website is not incorporated by reference into and should not be
considered part of this press release. Investor inquiries may be directed to
info@grantierra.com or (403) 265-3221.

Gran Tierra’s filings with the U.S. Securities and Exchange Commission (the
“SEC”) are available on the SEC website at http://www.sec.gov. Gran
Tierra’s Canadian securities regulatory filings are available on SEDAR+ at
http://www.sedarplus.ca and UK regulatory filings are available on the
National Storage Mechanism website at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism. 

Forward Looking Statements and Legal Advisories:

This press release contains opinions, forecasts, projections, and other
statements about future events or results that constitute forward-looking
statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and financial outlook and forward looking information within the meaning of
applicable Canadian securities laws (collectively, “forward-looking
statements”), which can be identified by such terms as “expect,”
“plan,” “can,” “will,” “should,” “guidance,”
“estimate,” “forecast,” “signal,” “progress,” “believes,”
and “remains subject to,” derivations thereof and similar terms are
intended to identify forward-looking statements. Such forward-looking
statements include, but are not limited to, statements regarding the
satisfaction of the conditions precedent to, and the timing of the
effectiveness of, the Contract, including receipt of regulatory approvals from
the SIC; Gran Tierra’s ability to earn its working interest in the Block;
the expected timing, cost and scope of the committed work program and Phase 1
capital activities, including the capital carry and social investment; the
expected timing of obtaining operatorship and entitlement to base production;
the expected allocation of capital and operating expenditures following
completion of the Phase 1 carry commitment; OOIP relating to the Block and the
Acordionero field, planned waterflood expansion, drilling, development and
water injection activities; potential production levels, recovery factors and
development potential; the potential use of multi-leg horizontal drilling
techniques; and anticipated operational synergies, including water management
integration and the potential use of natural gas to support gas-to-power
infrastructure.

The forward-looking statements contained in this press release reflect several
material factors and expectations and assumptions of Gran Tierra including,
without limitation, that Gran Tierra will obtain the required regulatory
approvals and satisfy the conditions precedent for the Contract to become
effective, that Gran Tierra will continue to conduct its operations in a
manner consistent with its current expectations, the accuracy of testing and
production results and seismic data, pricing and cost estimates (including
with respect to commodity pricing and exchange rates), rig availability, the
effects of drilling down-dip, the effects of waterflood and multi-stage
fracture stimulation operations, the extent and effect of delivery
disruptions, and the general continuance of current or, where applicable,
assumed operational, regulatory and industry conditions in Canada, Colombia,
Ecuador and Azerbaijan and areas of potential expansion, and the ability of
Gran Tierra to execute its business and operational plans in the manner
currently planned. Gran Tierra believes the material factors, expectations and
assumptions reflected in the forward-looking statements are reasonable at this
time, but no assurance can be given that these factors, expectations and
assumptions will prove to be correct.

Among the important factors that could cause actual results to differ
materially from those indicated by the forward-looking statements in this
press release are: certain of Gran Tierra’s operations are located in South
America and the Company is pursuing activities in other international
jurisdictions, including Azerbaijan, and unexpected problems can arise due to
guerilla activity, strikes, local blockades or protests, civil unrest,
sanctions-related restrictions, or other political instability; risks
associated with the Company’s potential entry into Azerbaijan, including the
risk that the EDPSA may not become effective or may be delayed due to failure
to obtain required legislative or governmental approvals, and political,
regulatory or legal risks associated with operating in a new jurisdiction and
the risk that exploration activities may not result in commercial discoveries;
technical difficulties and operational difficulties may arise which impact the
production, transport or sale of Gran Tierra’s products; other disruptions
to local operations; global and regional changes in the demand, supply,
prices, differentials or other market conditions affecting oil and natural
gas, including inflation and changes resulting from a global health crisis,
geopolitical events, including the ongoing conflicts in Ukraine, the Middle
East and Venezuela, or from the imposition or lifting of crude oil production
quotas or other actions that might be imposed by OPEC and other producing
countries and resulting company or third-party actions in response to such
changes; changes in commodity prices, including volatility or a prolonged
decline in these prices relative to historical or future expected levels; the
risk that current global economic and credit conditions may impact oil and
natural gas prices and oil and natural gas consumption more than Gran Tierra
currently predicts, which could cause Gran Tierra to further modify its
strategy and capital spending program; prices and markets for oil and natural
gas are unpredictable and volatile; the effect of hedges, the accuracy of
productive capacity of any particular field; geographic, political and weather
conditions can impact the production, transport or sale of Gran Tierra’s
products; the ability of Gran Tierra to execute its business plan, which may
include acquisitions, and realize expected benefits from current or future
initiatives; the risk that unexpected delays and difficulties in developing
currently owned properties may occur; the ability to replace reserves and
production and develop and manage reserves on an economically viable basis;
the accuracy of testing and production results and seismic data, pricing and
cost estimates (including with respect to commodity pricing and exchange
rates); the risk profile of planned exploration activities; the effects of
drilling down-dip; the effects of waterflood and multi-stage fracture
stimulation operations; the extent and effect of delivery disruptions,
equipment performance and costs; actions by third parties; the timely receipt
of regulatory or other required approvals for Gran Tierra’s operating
activities; the failure of exploratory drilling to result in commercial wells;
unexpected delays due to the limited availability of drilling equipment and
personnel; volatility or declines in the trading price of Gran Tierra’s
common stock or bonds; the risk that Gran Tierra does not receive the
anticipated benefits of government programs, including government tax refunds;
Gran Tierra’s ability to comply with financial covenants in its credit
agreement and indentures and make borrowings under its credit agreement; and
the risk factors detailed from time to time in Gran Tierra’s periodic
reports filed with the SEC, including, without limitation, under the caption
“Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year
ended December 31, 2025 filed on March 4, 2026 and its other filings with the
SEC. These filings are available on the SEC’s website at http://www.sec.gov
and on SEDAR+ at www.sedarplus.ca.

The forward-looking statements contained in this press release are based on
certain assumptions made by Gran Tierra based on management’s experience and
other factors believed to be appropriate. Gran Tierra believes these
assumptions to be reasonable at this time, but the forward-looking statements
are subject to risks and uncertainties, many of which are beyond Gran
Tierra’s control, which may cause actual results to differ materially from
those implied or expressed by the forward looking statements. All
forward-looking statements are made as of the date of this press release and
the fact that this press release remains available does not constitute a
representation by Gran Tierra that Gran Tierra believes these forward-looking
statements continue to be true as of any subsequent date. Actual results may
vary materially from the expected results expressed in forward-looking
statements. Gran Tierra disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by applicable.

The estimates of future production may be considered to be future-oriented
financial information or a financial outlook for the purposes of applicable
Canadian securities laws. Financial outlook and future-oriented financial
information contained in this press release about prospective operational
performance are provided to give the reader a better understanding of the
potential future performance of the Company in certain areas and are based on
assumptions about future events, including economic conditions and proposed
courses of action, based on management’s assessment of the relevant
information currently available, and to become available in the future. In
particular, this press release contains projected operational information for
the Block. These projections contain forward-looking statements and are based
on a number of material assumptions and factors set out above. Actual results
may differ significantly from the projections presented herein. The actual
results of Gran Tierra’s operations for any period could vary from the
amounts set forth in these projections, and such variations may be material.
See above for a discussion of the risks that could cause actual results to
vary. The future-oriented financial information and financial outlooks
contained in this press release have been approved by management as of the
date of this press release. Readers are cautioned that any such financial
outlook and future-oriented financial information contained herein should not
be used for purposes other than those for which it is disclosed herein. The
Company and its management believe that the prospective financial information
has been prepared on a reasonable basis, reflecting management’s best
estimates and judgments, and represent, to the best of management’s
knowledge and opinion, the Company’s expected course of action. However,
because this information is highly subjective, it should not be relied on as
necessarily indicative of future results.

Presentation of Oil and Gas Information

Boes have been converted on the basis of six thousand cubic feet (“Mcf”)
natural gas to 1 boe of oil. Boes may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 Mcf: 1 boe is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. In addition, given that the
value ratio based on the current price of oil as compared with natural gas is
significantly different from the energy equivalent of six to one, utilizing a
boe conversion ratio of 6 Mcf: 1 boe would be misleading as an indication of
value.

References to a formation where evidence of hydrocarbons has been encountered
is not necessarily an indicator that hydrocarbons will be recoverable in
commercial quantities or in any estimated volume. Gran Tierra’s reported
production is a mix of light crude oil and medium heavy crude oil, tight oil,
conventional natural gas, shale gas and natural gas liquids for which there is
no precise breakdown since the Company’s sales volumes typically represent
blends of more than one product type. Well test results should be considered
as preliminary and not necessarily indicative of long-term performance or of
ultimate recovery. Well log interpretations indicating oil and gas
accumulations are not necessarily indicative of future production or ultimate
recovery. If it is indicated that a pressure transient analysis or well-test
interpretation has not been carried out, any data disclosed in that respect
should be considered preliminary until such analysis has been completed.
References to thickness of “oil pay” or of a formation where evidence of
hydrocarbons has been encountered is not necessarily an indicator that
hydrocarbons will be recoverable in commercial quantities or in any estimated
volume.

The drilling locations disclosed in this press release are unbooked locations.
Unbooked locations are internal estimates based on Gran Tierra’s assumptions
as to the number of wells that can be drilled per section based on industry
practice and internal review. Unbooked locations do not have attributed
reserves or resources. Unbooked locations have been identified by management
as an estimation of Company’s multi-year drilling activities based on
evaluation of applicable geologic, seismic, engineering, production and
reserves information. There is no certainty that Gran Tierra will drill all
unbooked drilling locations and if drilled there is no certainty that such
locations will result in additional oil and gas reserves, resources or
production. The drilling locations considered for future development will
ultimately depend upon the availability of capital, regulatory approvals,
seasonal restrictions, oil and natural gas prices, costs, actual drilling
results, additional reservoir information that is obtained and other factors.
While certain of the unbooked drilling locations have been derisked by the
drilling of existing wells in relative close proximity to such unbooked
drilling locations, other unbooked drilling locations are farther away from
existing wells where management has less information about the characteristics
of the reservoir and therefore there is more uncertainty whether wells will be
drilled in such locations and if drilled there is more uncertainty that such
wells will result in additional oil and gas reserves, resources or production